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Wednesday, May 26, 2021
SHENANDOAH VALLEY BUSINESS JOURNAL
Harrisonburg, Va.
Area Available Home Stock Down 40% In April By IAN MUNRO Daily News-Record
The stock of available homes in the Valley dropped by 40% by the end of April compared to the same month last year, according to the April Homes Sales Report from Virginia Realtors. Page and Shenandoah counties had at least 60% less homes available, while Harrisonburg and Rockingham and Augusta counties had between 40% and 60% less homes for sale in April than the same month a year prior. Shenandoah County was one of eight localities where there were fewer sales in April compared to April 2020. Sales in Page County increased 10% from the year prior in April, while sales surged more than 20% in Harrisonburg and Augusta County over the same period. Rockingham County saw between a 10% and 20% increase in home sales in April compared to the same month last year. Across the entire state, median sales were up by over $75,000 in April of this year compared to April 2017. In April 2017, the median sales price in the commonwealth was $280,000, while in April of this year, it reached $355,643. Over the same period, average days on the market for Virginia homes dropped by over 50% from 62 to 25. The months of supply of homes has dropped from by nearly 70% from 4.8 to 1.4 in April 2021 compared with the same month four years earlier. The share of homes sold in Virginia below $400,000 is slipping, while the share of expensive homes is growing, according to data. The largest share of homes sold in Virginia, 42.5%, were priced between $200,001 and $400,000. This is a reduction of nearly 2% from April 2020. Homes sold for $200,000 or less dropped by nearly 6%. In April 2020, homes priced $200,000 or lower made up over a fifth of the statewide sales. This April, homes priced at $200,000 or lower made up 15.5% of total sales. The amount of sales of the most expensive Virginia homes, priced at $800,001 or more, increased by over 50% in April compared to the same month the year before. The area locality with largest increase in median sales price in April compared to a year prior was Page County, where prices jumped by 20% or more. Median sale prices increased between DN-R File
See HOME, Page 9 Home sales were up in Harrisonburg last month compared to April 2020.
